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Australia shares set to trade in a narrow range, NZ flat

Australia shares set to trade in a narrow range, NZ flat

CANBERRA: Australian shares are expected to shuffle sideways on Friday, reflecting the mixed stance on Wall Street where the Dow struck a record high while the S&P 500 and Nasdaq edged lower.

Oil prices picked up while iron ore prices sank after data showed that China’s crude steel output hit a record in August. The local share price index futures rose 0.12 percent, or 7 points to 5,742, a 3.3-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.1 percent on Thursday. New Zealand’s benchmark S&P/NZX 50 index was little changed in early trade.